Innovation and Entreprenurship Words (Ch. 1-2)

Question 1

Technological innovation

Answer 1

The act of introducing a new device, method or material for application to commercial or practical objectives. Most important driver to competitive success.

Question 2

G.D.P.

Answer 2

Gross Domestic Product, the total annual output of an economy measured by its final purchase price.

Question 3

Externalities

Answer 3

Costs (or benefits) that are borne (or reaped) by individuals other than those responsible for creating them. Thus, if a business emits pollutants in a community, it imposes a negative externality on the community members; if a business builds a park in a comminute, it creates a positive externality for community members.

Question 4

Innovation

Answer 4

The practical implementation of an idea into a new device or process

Question 5

Complex knowledge

Answer 5

Knowledge that has many underlying components, or many interdependencies between those components, or both.

Question 6

Tacit knowledge

Answer 6

Knowledge that cannot be readily codified (documented in written form)

Question 7

Technology clusters

Answer 7

Regional clusters of firms that have a connection to a common technology, and may engage in buyer, supplier, and complementor relationships, as well as research collaboration. (Silicon Valley)

Question 8

Incubators

Answer 8

Institutions designed to nurture the development of new businesses, that might otherwise lack access to adequate funding or advice.

Question 9

Science parks

Answer 9

Regional districts, typically set up by government, to foster R&D collaboration between government, universities, and private firms.

Question 10

TTOs

Answer 10

Technology Transfer Offices, an office designated to facilitate the transfer of technology developed in a research environment to an environment where it can be commercially applied.

Question 11

Absorptive capacity

Answer 11

Ability of an organization to recognize, assimilate and utilize new knowledge.

Question 12

Complementors

Answer 12

Producers of complementary goods or services (e.g. for video game console producers such as Sony or Nintendo, game developers) are complementors.

Question 13

Development

Answer 13

Activities that apply knowledge to produce useful devices, materials or processes.

Question 14

Applied research

Answer 14

Research targeted at increasing knowledge for a specific application or need

Question 15

Idea

Answer 15

Something imagined or pictured in the mind.

Question 16

Creativity

Answer 16

The ability to produce novel and useful work

Question 17

Basic Research

Answer 17

Research targeted at increasing scientific knowledge for its own sake. It may or may not have any long term commercial application.